National Bank keeps key policy rate at 15.5%

NBU Governor Andriy Pyshnyy announced this at a briefing, as reported by an Ukrinform correspondent.

"The Board of the National Bank has decided to keep the key policy rate at 15.5% to support foreign exchange market stability and manage inflation expectations, which will help bring inflation back to a steady decline trajectory," Pyshnyy stated.

He added that if risks to the sustainable decline in inflation toward the 5% target increase, the NBU will keep its key policy rate unchanged longer than envisaged by the April macroeconomic forecast.

Pyshnyy also emphasized that the NBU would be ready to take additional monetary measures if risks to price dynamics and inflation expectations continue to rise.

As reported by Ukrinform, the National Bank of Ukraine raised the key policy rate to 10% in January 2022. In June 2022, it was further increased to 25%, where it remained for over a year.

On July 27, 2023, the NBU began lowering the rate, reducing it to 22%, with a gradual decline continuing. However, in December 2024, in response to inflationary trends, the central bank initiated a rate hike, raising the key policy rate to 15.5% in March 2025.